Key Highlights

  • Collaboration Revenue was USD 1.7 million against an estimate of USD 0.8 million and none a year earlier.
  • EPS was USD -0.08 against an estimate of USD -0.10, on a net loss of USD 18.9 million.
  • Cash was USD 66.8 million, which management said covers Working Capital and capital needs for at least twelve months.
  • The company plans to share more follow-up data in the fourth quarter of 2026 and update on regulator talks.

Tenaya Therapeutics (NASDAQ:TNYA) pointed first to its fourth quarter agenda: the company said it plans to share additional follow-up data from its two gene therapy trials and to update on its interactions with regulators about pivotal trial plans. The third quarter itself brought collaboration revenue of USD 1.7 million against an estimate of USD 0.8 million, and EPS of USD -0.08 against an estimate of USD -0.10.

Stated Plans, Regulatory Talks and Listing Status

The two candidates are TN-201 for MYBPC3-associated hypertrophic cardiomyopathy and TN-401 for PKP2-associated arrhythmogenic right ventricular cardiomyopathy. Each is in a Phase 1b/2 trial testing two doses in adults, and the company said it is engaging with regulators to discuss pivotal trial plans.

On listing, Nasdaq notified the company on January 28, 2026 that its bid price had been below USD 1.00 for the required period. Its common stock moved to the Nasdaq Capital Market on July 31, 2026 to gain a second compliance period. On October 23, 2026 the company filed a proxy statement for a special meeting to approve a Reverse Stock Split at the board's discretion, and it noted there is no assurance that compliance can be regained.

The Quarter in Detail

Collaboration revenue of USD 1.7 million consisted of USD 1.1 million from recognition of upfront fees and USD 0.6 million from research reimbursements under arrangements entered in the first quarter of 2026, including a March collaboration with Alnylam Pharmaceuticals with a USD 10 million upfront payment and up to USD 1.1 billion in milestones.

Research and development expense was USD 14.9 million against USD 15.4 million, and general and administrative expense was USD 5.6 million in both periods. An Impairment loss of USD 0.67 million related to property and equipment held for sale. Loss from operations was USD 19.6 million against USD 20.9 million, and net loss was USD 18.9 million against USD 20.3 million, or USD 0.08 per share against USD 0.12.

For the nine months, net loss was USD 81.6 million, or USD 0.37 per share, against USD 70.4 million, or USD 0.48, with a USD 22.5 million impairment loss. Cash used in Operating Activities was USD 40.5 million against USD 54.3 million.

Pipeline and Operations Detail

In MyPEAK-1, enrollment is complete for the dose response needed to inform late-stage dose selection. The June interim data covered six evaluable patients, all of whom had reductions in left ventricular mass index, and five of six improved by at least one NYHA class. The company described TN-201 as generally well tolerated with no dose-limiting toxicities.

In RIDGE-1, interim data from the first six patients were presented in May, with all six having more than 500 premature ventricular contractions a day at baseline. A third candidate, TN-301, is a small molecule HDAC6 inhibitor being developed for heart failure with preserved ejection fraction and other conditions, with Phase 2 development plans. The company also has an USD 8.0 million CIRM grant for RIDGE-1, payable on clinical milestones.

Next Reporting Checkpoints

Collaboration revenue of USD 1.7 million sits alongside a net loss of USD 18.9 million, cash of USD 66.8 million and an accumulated Deficit of USD 686.6 million.

Management named the fourth quarter 2026 follow-up data and regulatory update as its next disclosures, the special meeting on the reverse stock split and the continuing effort to regain Nasdaq bid price compliance. It said substantial additional funding is required to complete development and commercialize its candidates, and named Equity offerings, debt financings or collaborations as sources.